On January 1,2009,Grant Corporation acquired 90 percent of the common stock of Chen Corporation for $256,500.Chen's stockholders' equity on this date consisted of common stock of $150,000 and retained earnings of $135,000.Prepare the eliminating entry in journal form that would appear on the work sheet for consolidating the balance sheets of the two entities as of the acquisition date.(Omit explanations.)

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The Answer of On January 1,2009,Grant Corporation acquired 90 percent of the common stock of Chen Corporation for $256,500.Chen's stockholders' equity on this date consisted of common stock of $150,000 and retained earnings of $135,000.Prepare the eliminating entry in journal form that would appear on the work sheet for consolidating the balance sheets of the two entities as of the acquisition date.(Omit explanations.)

On January 1,2009,Grant Corporation Acquired 90 Percent of the Common